Corporate And Professional Updates on 16th July 2019

Corporate And Professional Updates on 16th July 2019

 

• CBDT has issued Clarification regarding the taxability of income earned by a non-resident investor from off-shore investments routed through an Alternate Investment Fund.
• Govt has re-calibrated and fixed the direct taxes collection target for this financial year at Rs 13.35 lakh crore, a task that the CBDT chief said is difficult but achievable. He also said that the government can only think of further “lowering” corporate tax rates once the exemptions and deductions in this sector are phased out.
• Govt has ruled out a rollback of the ‘super-rich’ tax on foreign portfolio investors (FPIs) organized as trusts or AOP. The tax on such FPIs will yield an estimated Rs 400 crore, as against the overall revenue gain of Rs 12,000 crore from the surcharge.The move will hit 40% of the FPIs.
• Income Tax Return (ITR) filing is compulsory for persons who deposit over Rs 1 crore in a current account in a year, spend over Rs 2 lakh on foreign travel or have an annual electricity bill of more than Rs 1 lakh.
• Persons receiving income up to Rs. 50 lakh from salary/1 house property/other income, file Income Tax Return SAHAJ by 31.07.2019. Avoid late fee of Rs. 5000.

Indirect tax Updates:

• The pending decision to introduce parity in GST rates on government and private lottery is unlikely to feature in the meeting. Sources said the meeting of a group of ministers (GoM) mandated to deliberate on the issue of the lottery was canceled at the last moment. It is learned that the decision to cancel the GoM meeting was taken to prevent any possible violation of the model code of conduct, which has set in on Sunday following the announcement of general elections to the Lok Sabha by the Election Commission of India.
• The law review committee and the fitment committee under the GST Council deliberated on setting up the guidelines for taxpayers after the rates on under-construction houses were slashed in the last Council meeting on February 24. The GST rate for affordable houses was reduced to 1 percent, while that for all other under-construction houses was reduced to 5 percent.

GST Updates:

• The need for detailed guidelines or rules was borne from the fact that the rate reduction made builders ineligible to avail input tax credit (ITC) in the value chain, which would bring back informal cash channels to the real estate business. The committees are said to have gone ahead with the mandatory requirement for builders to procure 80 percent of their inputs from registered dealers in the formal sector. The new rates and rules come into force on April 1.  In addition, the rules would specify the extent to which the opening input-tax credit on April 1 could be used by builders. It is likely that the Council would take a decision to utilize credit to the extent of the completion of the housing project.
• Experts said the projects that are nearing completion would benefit the most from the rules, which are learned to have been submitted to the GST Council. It is yet not known as to which authority would certify the extent of completion, but experts said it would be subject to audit nonetheless. The guidelines would also have the methodology to deal with properties that have a mix of residential and commercial spaces.

Other updates:

• NTPC raises ₹4,300 cr through bonds
• Sensex Rises 160 Points on Infy Surge, Macro Data
• Exports fall for first time in nine months amid trade tensions
• Shriram Transport looking to raise up to₹10,000 crores through NCDs
• Sun Pharma Surges 3.6% After Morgan Stanley Double Upgrade
• IRDAI may Relax Rules for Pension Plans & Ulips, Make Surrenders Easy
• Aditya Birla Fashion acquires 51% stake in Finesse International for ₹60 crore
• NCLAT order on Essar Steel has rewritten IBC rules: Lenders
• Ashok Leyland temporarily shuts Pantnagar plant
• IndiGo secures credit facility worth ₹2,577 crores amidst promoters dispute
• NIIF may invest $100 million in Multiples PE’s third fund
• Ambuja looks to expand cement capacities with buys in RMCs, aggregates
• Securitization Market Records 50% Growth in Q1

OTHER KEY UPDATE :

• India’s steel exports fall 34% to 6.36 MT in 2018-19
• Govt may issue sovereign bonds in phases, the first lot to be of $3-4 billion
• Manipal Hospitals set to buy Medanta for ₹6,000 crore
• MFs differ with banks over DHFL resolution, may opt for the DRT route
• Customers forgotten in rush for electric vehicles says TVS Motor chairman
• Exports contract 9.71% in June; trade deficit narrows to $15.28 b
• Sun Pharma launches capsules for lipid disorder treatment in US
• BHEL, CONCOR tie-up for rail-based logistics terminal at Haridwar
• Reckitt Benckiser and Apollo Hospitals tie up to launch ‘Arogya Rakshak’
• ‘Amazon Prime Video, ZEE5 in talks for a platform deal’
• Govt diverting around Rs 17,000 crore from petrol and diesel cess kitty
• Investors flee debt funds as credit quality slumps to lowest in 16 months
• USFDA completes Chennai facility audit with zero observations: Natco Pharma
• Sales improve 16% in the first quarter: Tata Steel
• Hero Electric eyes South India for new plant
• Real estate developers at risk as stress in credit market dries up funding
• Cotton Greaves increases stake in electric two-wheeler maker Ampere

Key Due Dates:

• 07-07-2019 – Deposit of TDS/TCS for the month of June 2019.
• 10-07-2019 – GSTR 8 for E-Commerce Companies for the m/o June 2019.
• 31-07- 2019 – Quarterly statement of TDS for the quarter ending 30 June, 2019.
• 11-07-2019 – GSTR-1 for the month of June 2019 for taxpayers with Annual Aggregate turnover more than 1.50 Crore.
• 13-07-2019 – GSTR-6 for Input Service Distributor.
• 20-07-2019 – GSTR-5 for the m/o June 2019.
• 14-07-2019 – Issue of TDS Certificate for tax deducted under section 194-IA/194-IB in m/o           May’19.
• 15-07- 2019 – Quarterly statement of TCS for the quarter ending 30 June, 2019.
• 10-07-2019 – Issue of TDS Certificate for salary for the financial year 2018-19.
• 15-07-2019- ESI/PF Payment for m/o June 2019.
• 10-07-2019 – Filing GSTR-7 (for assessee who is required to deduct TDS under GST) for the m/o June 2019.
• 15-07-2019- FLA Report it is required to be submitted directly by all Indian Companies which have received  FDI or made FDI abroad for m/o June 2019.
• 18-07-2019- GSTR-4 Quarterly return for taxpayers opting for composition scheme.
• 20-07-2019 – GSTR-3B for the m/o June 2019.
• 07-07-2019 -Equalisation levy deposit which is withheld at the time of payment by the service  recipient where the annual payment made to one service provider exceeds Rs.1,00,000 in one  financial year for the specified and notified services.
• 20-07-2019 – GSTR-5A for the m/o June 2019.
• 31-07- 2019 – Income Tax return for the F.Y 2018-19 (A.Y 2019-20) for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited or (d) an assessee who is required to furnish a report u/s 92E.
• 25-07-2019-  EPF return filing for the month of June 2019.
• 31-07-2019- Payment of Professional Tax and Shop and Establishments taxes.
• 30 -07-2019 -Quarterly TCS certificate in respect of tax collected by any person for the quarter ending June 30, 2019.
• 31-07-19 – GSTR-1 for June Quarter applicable for taxpayers with Annual Aggregate turnover upto Rs. 1.50/- Crore.
• 30-07-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in     month of June’19.
• 31-07-2019- Form 67 Due date for claimimg Foreign Tax Credit,upload statement of Foreign income offered for tax for previous year 2018-19 and of Foreign tax deducted or paid on such incomes.

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